EUR/USD regains traction after mild pullback [Video]
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EURUSD attempts a strong rebound from 2023 lows.
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Posts a fresh 3-month high before paring some gains.
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Momentum indicators endorse a resumption of the advance.
EURUSD has been in a recovery mode following its 2023 bottom of 1.0447 on October 3. Although the pair’s rebound got rejected at a fresh three-month high of 1.0964, the bulls prevented a significant downside correction, with the short-term oscillators remaining heavily skewed to the upside.
Should buying pressures persist, the price could revisit its recent rejection region of 1.0964. Breaking above that zone, the pair might ascend towards the February peak of 1.1032. If that hurdle also fails to provide resistance, the spotlight could turn to 1.1094, which held strong three times in April.
In brief, despite the latest setback, EURUSD remains buoyant and on track to resume its recent recovery. However, a failure to post a fresh higher high might trigger a downside correction.
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